Multicoin founder says HYPE unstaking was not intended for selling

Tushar Jain, co-founder of crypto-focused investment firm Multicoin Capital, said on X that a recent HYPE unstaking was not intended for selling. Jain said Multicoin unstaked a substantial amount of HYPE yesterday, but not to sell it, adding that the firm’s funds are constantly tracked, forcing it to rotate wallets regularly. Jain said institutions need privacy to operate, and said that is also why the firm holds long positions in ZAMA and ZEC. Jain described ZAMA as enabling privacy DeFi and ZEC as a leading privacy-based store-of-value chain. Earlier, on-chain analyst EmberCN said an address believed to be linked to Multicoin had shown signs of selling 607,000 HYPE worth $37 million.